Guess shares slump after model Kate Upton tweets about executive

Guess Inc shares fell more than 17 percent on Thursday following a tweet by model and actress Kate Upton accusing the company’s co-founder of using his power to harass women.“It’s disappointing that such an iconic women’s brand @GUESS is still empowering Paul Marciano as their creative director #metoo”, the model tweeted on Wednesday, using a popular hashtag designed to highlight the wide spread of sexual harassment.

“He shouldn’t be allowed to use his power in the industry to sexually and emotionally harass women #metoo”, Upton tweeted, without elaborating.

A representative for Upton, who modelled for Guess in 2011, did not respond to requests for comment on Thursday.

“Mr. Marciano denies any misconduct towards Ms. Upton,” Guess said in a filing with the U.S. Securities and Exchange Commission on Thursday.

The fashion retailer said it will investigate Upton’s concerns if it determines they have merit, adding that she had not yet made any specific allegations.